Today we’re talking about what to do if you find yourself in the unfortunate situation that one of your tenants has trashed your Charlotte rental property. If you find that this has happened, there are a few things to focus on.
Avoid a Long VacancyRemember, there is no greater expense to you as a landlord than vacancy costs. As quickly as possible, get the property repaired, cleaned up, and back on the market. You want to quickly start producing income again.
Pursuing Tenants for DamagesYou will rightly feel that you want the tenant to pay for any damages that were left behind and exceed the amount of the security deposit. Just have appropriate expectations for what that timeline will look like. Prepare an invoice and send it to the tenants. They probably won’t pay. You can send them to collections, but you have to understand that they probably won’t pay at that point either. But, at some point, they’ll want to get a mortgage or a loan, and the lender will require them to settle up their collection accounts. It may take years, and you have to be prepared for that. You might also consider getting a judgment against the tenants, but this is challenging because you have to personally serve a money judgment, and it is rarely worth it.
Tenant ScreeningThe last thing to mention is that when you go back to fill the vacancy, you have to find the right tenant. This is the most important step in renting out your home. When you have the right tenant in place who is thoroughly screened, there is less risk that you will end up with a damaged property that needs a lot of expensive maintenance work.
If you need help with rental property maintenance or Charlotte property management, please contact us at Group 15 Real Estate.